证券代码：601811 证券简称：新华文轩 公告编号：2025-017 新华文轩出版传媒股份有限公司 (一) 审议通过《关于本公司 2025 年半年度财务报告的议案》 《新华文轩 2025 年半年度财务报告》已于 2025 年 8 月 27 日经本公 司第五届董事会审议通过。监事会审议通过了该议案并认为：公司 2025 年半年度财务报告已经按照中国《企业会计准则》的规定编制，真实、准 确、完整地反映了公司的实际情况。监事会对该报告无异议。 表决结果：同意 6 票，反对 0 票，弃权 0 票。 (二) 审议通过《关于本公司 2025 年半年度报告的议案》 《新华文轩 2025 年半年度报告》（A 股）及其摘要、《新华文轩 已于 2025 年 8 月 27 日经本公司第五届董事会审议通过。监事会审议通过 了该议案并发表如下书面审核意见： 律法规、《公司章程》和公司内部管理制度的各项规定； 第五届监事会 2025 年第三次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 一、监事会会议召开情况 新华文轩出版传媒股份有限 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 新華文軒出版傳媒股份有限公司 XINHUA WINSHARE PUBLISHING AND MEDIA CO., LTD. （於中華人民共和國註冊成立之股份有限公司） （股份代號：811） 關於2025年半年度主要經營數據的公告 本公告乃由新華文軒出版傳媒股份有限公司（「本公司」）根據香港聯合交易所有限 公司證券上市規則（「上市規則」）第13.09條以及香港法例第571章證券及期貨條例 第XIVA部的規定作出。 人民幣萬元 | | | 主營 | 主營 | | | --- | --- | --- | --- | --- | | 業務板塊 | 銷售碼洋 | 業務收入 | 業務成本 | 毛利率(%) | | 出版業務 | —— | 127,989.26 | 84,295.71 | 34.14 | | 其中：教材教輔 | 113,274.05 | 64,936.88 | 35,661.68 | 45.08 | ...

新华文轩出版传媒股份有限公司 第五届监事会 2025 年第三次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 一、监事会会议召开情况 新华文轩出版传媒股份有限公司（以下简称"新华文轩""公司"或 "本公司"）第五届监事会 2025 年第三次会议于 2025 年 8 月 27 日在成 都以现场结合通讯方式召开，本次会议通知于 2025 年 8 月 13 日以书面方 式发出。本次会议由监事会主席邱明先生主持，应出席监事 6 名，实际出 席监事 6 名。本次会议的召集、召开符合《中华人民共和国公司法》及 《公司章程》的规定。 二、监事会会议审议情况 (一) 审议通过《关于本公司 2025 年半年度财务报告的议案》 《新华文轩 2025 年半年度财务报告》已于 2025 年 8 月 27 日经本公 司第五届董事会审议通过。监事会审议通过了该议案并认为：公司 2025 年半年度财务报告已经按照中国《企业会计准则》的规定编制，真实、准 确、完整地反映了公司的实际情况。监事会对该报告无异议。 1 证券代码：601811 证券 ...

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 一、 董事会会议召开情况 新华文轩出版传媒股份有限公司（以下简称"新华文轩""公司"或 "本公司"）第五届董事会 2025 年第五次会议于 2025 年 8 月 27 日在成都 以现场表决方式召开，本次会议通知于 2025 年 8 月 13 日以书面方式发出。 本次会议由董事长周青先生主持，应出席董事 9 名，实际出席董事 9 名， 公司监事、部分高级管理人员列席了会议。本次会议的召集、召开符合《中 华人民共和国公司法》及《公司章程》的规定。 二、 董事会会议审议情况 证券代码：601811 证券简称：新华文轩 公告编号：2025-016 新华文轩出版传媒股份有限公司 第五届董事会 2025 年第五次会议决议公告 （一）审议通过《关于本公司 2025 年半年度财务报告的议案》 根据《中华人民共和国公司法》《公司章程》《上海证券交易所股票 上市规则》《香港联合交易所有限公司证券上市规则》（以下简称"《联 交所上市规则》"），以及中国《企业会计准则》等有关规定，本公司编 制了《新华 ...

重要内容提示： 一、利润分配建议方案内容 证券代码：601811 证券简称：新华文轩 公告编号：2025-018 新华文轩出版传媒股份有限公司 2025 年半年度利润分配建议方案暨 关于贯彻落实"提质增效重回报"专项行动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 为落实《新华文轩出版传媒股份有限公司"提质增效重回报"专项行 动方案》，增强投资者回报、提升投资者获得感，新华文轩出版传媒股份 有限公司（以下简称"公司"或"本公司"）拟进行 2025 年半年度利润分 配。 公司 2025 年半年度（未经审计）实现归属于上市公司股东净利润人民 1 每股分配比例：每股派发现金红利人民币 0.19 元（含税）。 本次利润分配建议以实施权益分派股权登记日登记的总股本为基 数，具体日期将在权益分派实施公告中明确。 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持每 股分配金额不变，相应调整分配总额，并将另行公告具体调整情况。 币 8.57 亿元，截至 2025 年 6 月 30 日，母公司报表中未分配利润为人民币 60. ...

[Consolidated Financial Statements](index=1&type=section&id=Consolidated%20Financial%20Statements) Provides an overview of the group's financial position, performance, and cash flows [Consolidated Balance Sheet](index=1&type=section&id=Consolidated%20Balance%20Sheet) As of June 30, 2025, total assets increased by **2.90%** to **RMB 23.56 billion**, with liabilities at **RMB 7.99 billion** and equity at **RMB 15.58 billion** Consolidated Balance Sheet Summary | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | Change (RMB) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | **Total Assets** | 23,562,286,972.80 | 22,898,703,360.27 | 663,583,612.53 | 2.90 | | Total Current Assets | 13,831,963,446.95 | 13,603,520,670.99 | 228,442,775.96 | 1.68 | | Total Non-current Assets | 9,730,323,525.85 | 9,295,182,689.28 | 435,140,836.57 | 4.68 | | **Total Liabilities** | 7,985,551,983.65 | 7,891,774,311.86 | 93,777,671.79 | 1.19 | | Total Current Liabilities | 7,558,924,746.98 | 7,593,536,880.76 | (34,612,133.78) | (0.46) | | Total Non-current Liabilities | 426,627,236.67 | 298,237,431.10 | 128,389,805.57 | 43.05 | | **Total Shareholders' Equity** | 15,576,734,989.15 | 15,006,929,048.41 | 569,805,940.74 | 3.80 | [Consolidated Income Statement](index=4&type=section&id=Consolidated%20Income%20Statement) For the six months ended June 30, 2025, revenue decreased by **4.50%** to **RMB 5.53 billion**, while net profit increased by **19.63%** to **RMB 900 million** Consolidated Income Statement Summary | Item | Jan 1 - Jun 30, 2025 (Unaudited) | Jan 1 - Jun 30, 2024 (Unaudited) | Change (RMB) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 5,527,429,426.93 | 5,787,816,275.71 | (260,386,848.78) | (4.50) | | Operating Costs | 3,368,865,598.71 | 3,562,042,236.10 | (193,176,637.39) | (5.42) | | Operating Profit | 910,411,586.37 | 861,400,564.97 | 49,011,021.40 | 5.69 | | Total Profit | 907,472,994.48 | 848,269,211.29 | 59,203,783.19 | 6.98 | | Income Tax Expense | 7,438,067.33 | 95,920,622.56 | (88,482,555.23) | (92.25) | | Net Profit | 900,034,927.15 | 752,348,588.73 | 147,686,338.42 | 19.63 | | Net Profit Attributable to Parent Company Shareholders | 856,544,756.92 | 715,785,632.02 | 140,759,124.90 | 19.66 | | Basic Earnings Per Share (yuan/share) | 0.69 | 0.58 | 0.11 | 18.97 | [Consolidated Cash Flow Statement](index=6&type=section&id=Consolidated%20Cash%20Flow%20Statement) Operating cash flow significantly increased by **63.42%** to **RMB 621 million**, while financing cash outflow decreased by **34.80%** Consolidated Cash Flow Statement Summary | Item | Jan 1 - Jun 30, 2025 (Unaudited) | Jan 1 - Jun 30, 2024 (Unaudited) | Change (RMB) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 620,729,893.04 | 379,837,357.10 | 240,892,535.94 | 63.42 | | Net Cash Flow from Investing Activities | (753,393,822.25) | (734,143,481.92) | (19,250,340.33) | (2.62) | | Net Cash Flow from Financing Activities | (377,618,433.78) | (579,171,553.35) | 201,553,119.57 | 34.80 | | Net Increase in Cash and Cash Equivalents | (510,282,362.99) | (933,477,678.17) | 423,195,315.18 | 45.34 | | Cash and Cash Equivalents at End of Period | 8,452,300,493.30 | 8,144,865,146.62 | 307,435,346.68 | 3.77 | - Net cash flow from operating activities increased primarily due to **RMB 130 million** in corporate income tax refunds received for 2024 and a year-on-year decrease in taxes paid[153](index=153&type=chunk) [Notes to the Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) Details the company's background, accounting policies, tax incentives, and specific financial item breakdowns [1. Company Profile](index=8&type=section&id=1.%20Company%20Profile) Established in 2005, the company is listed on HKEX and SSE, engaging in diverse publishing, distribution, and related businesses - The company was established on June 11, 2005, listed H-shares in 2007, A-shares in 2016, with share capital of **RMB 1,233,841,000.00**[17](index=17&type=chunk) - Main business activities include sales and production of books, newspapers, periodicals, electronic publications, audio-visual product wholesale, printing, publishing industry investment, property leasing, and retail[18](index=18&type=chunk) - The ultimate controlling shareholder is the **Sichuan Provincial State-owned Assets Supervision and Administration Commission**[18](index=18&type=chunk) [2. Basis of Preparation of Financial Statements](index=8&type=section&id=2.%20Basis%20of%20Preparation%20of%20Financial%20Statements) Financial statements are prepared under PRC accounting standards and comply with HKEX and Hong Kong Companies Ordinance disclosure requirements - The group adheres to accounting standards issued by the Ministry of Finance and relevant regulations, disclosing financial information in accordance with **Rule No. 15 for Information Disclosure by Companies Issuing Securities**, the **Hong Kong Companies Ordinance**, and the **Listing Rules**[19](index=19&type=chunk) - The financial statements are prepared on a **going concern basis**, with management finding no significant doubts about the group's ability to continue as a going concern[20](index=20&type=chunk) [3. Tax Incentives and Approvals](index=9&type=section&id=3.%20Tax%20Incentives%20and%20Approvals) The company and its subsidiaries benefit from corporate income tax exemptions, reduced rates, and VAT refund/exemption policies - The company and certain subsidiaries (e.g., Beijing Shuchuan Xinhua Bookstore, Sichuan Xinhua Online, Sichuan Wenxuan Culture Communication, and fourteen publishing units) are **exempt from corporate income tax** from their conversion registration date until **December 31, 2027**[21](index=21&type=chunk) - Some subsidiaries, classified as encouraged industries in western regions, are subject to a **reduced corporate income tax rate of 15%**[22](index=22&type=chunk) - From January 1, 2024, to December 31, 2027, specific publications (e.g., children's/elderly newspapers, textbooks, minority language publications) enjoy a **100% VAT refund policy**; other publications (e.g., books, periodicals, audio-visual products) enjoy a **50% VAT refund policy**; and book wholesale/retail businesses are **exempt from VAT**[23](index=23&type=chunk) [4. Significant Accounting Policy Changes](index=10&type=section&id=4.%20Significant%20Accounting%20Policy%20Changes) No significant changes in accounting policies or estimates occurred during the six months ended June 30, 2025 - No significant changes in accounting policies or accounting estimates occurred during this period[24](index=24&type=chunk) [5. Cash and Bank Balances](index=10&type=section&id=5.%20Cash%20and%20Bank%20Balances) Total cash and bank balances increased slightly to **RMB 9.22 billion**, with bank deposits as the main component and some restricted funds Cash and Bank Balances | Item | June 30, 2025 (RMB) | December 31, 2024 (RMB) | | :--- | :--- | :--- | | Cash on Hand | 99,147.05 | 202,669.04 | | Bank Deposits | 9,182,333,209.69 | 9,133,208,450.36 | | Other Cash and Bank Balances | 36,053,866.93 | 46,266,458.64 | | **Total** | **9,218,486,224.10** | **9,179,678,124.68** | - Bank deposits include **RMB 6,260,239,136.98** in time deposits with maturities over three months, intended by management for flexible fund arrangements[28](index=28&type=chunk) - Restricted cash and bank balances of **RMB 31,212,414.50** primarily include bank acceptance bill deposits, letter of guarantee deposits, tourism service quality assurance deposits, housing reform special funds, and bank deposits frozen due to litigation[28](index=28&type=chunk) [6. Accounts Receivable](index=11&type=section&id=6.%20Accounts%20Receivable) Accounts receivable book value increased to **RMB 1.72 billion**, with a credit loss provision reversal of **RMB 54.87 million** this period Accounts Receivable Summary | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Accounts Receivable Book Balance | 2,534,282,944.64 | 2,388,933,657.59 | | Less: Credit Loss Provision | 818,661,216.68 | 862,123,401.06 | | **Total (Book Value)** | **1,715,621,727.96** | **1,526,810,256.53** | - The current period recognized a credit loss provision of **RMB 11,555,826.07** and reversed a credit impairment provision of **RMB 54,872,983.22**[37](index=37&type=chunk) - Accounts receivable written off in this reporting period amounted to **RMB 145,027.23**[39](index=39&type=chunk) [7. Inventories](index=15&type=section&id=7.%20Inventories) Inventories book value slightly decreased to **RMB 2.40 billion**, with inventory impairment provision of **RMB 40.26 million** recognized this period Inventories Summary | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Inventories Book Balance | 2,669,237,208.68 | 2,650,365,711.88 | | Less: Inventory Impairment Provision | 265,610,616.98 | 227,776,988.40 | | **Total (Book Value)** | **2,403,626,591.70** | **2,422,588,723.48** | - The current period recognized an inventory impairment provision of **RMB 40,259,188.44** and reversed or wrote off **RMB 158,830.56**[42](index=42&type=chunk) [8. Long-term Receivables](index=17&type=section&id=8.%20Long-term%20Receivables) Long-term receivables decreased by **35.75%** to **RMB 25.18 million**, mainly due to reclassification to current assets Long-term Receivables Summary | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Long-term Receivables Book Balance | 64,366,836.91 | 91,589,834.55 | | Less: Credit Loss Provision | 2,055,321.30 | 3,133,647.19 | | Less: Non-current Assets Due Within One Year | 37,129,860.39 | 49,263,308.47 | | **Net (Book Value)** | **25,181,655.22** | **39,192,878.89** | - Long-term receivables decreased by **35.75%**, primarily because payments for education informatization and equipment business were reclassified to non-current assets due within one year[48](index=48&type=chunk)[155](index=155&type=chunk) - The current period recognized a credit loss provision of **RMB 960,632.94** and reversed a credit impairment provision of **RMB 2,038,958.83**[50](index=50&type=chunk) [9. Long-term Equity Investments](index=18&type=section&id=9.%20Long-term%20Equity%20Investments) Long-term equity investments increased to **RMB 822 million**, primarily in joint ventures and associates, with **RMB 18.12 million** investment income recognized Long-term Equity Investments Summary | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Long-term Equity Investments Book Balance | 828,204,071.14 | 812,969,446.27 | | Less: Impairment Provision for Long-term Equity Investments | 6,647,345.57 | 6,647,345.57 | | **Book Value** | **821,556,725.57** | **806,322,100.70** | - Investment income recognized under the equity method for the current period was **RMB 18,119,131.91**[56](index=56&type=chunk) - Unrecognized investment losses accumulated to **RMB 41,958,400.00**, mainly from Xinhua Yingxuan, Guizhou Wenxuan, and Fudou Technology[59](index=59&type=chunk) [10. Investments in Other Equity Instruments](index=23&type=section&id=10.%20Investments%20in%20Other%20Equity%20Instruments) Investments in other equity instruments grew to **RMB 2.46 billion**, generating **RMB 83.75 million** in dividend income and **RMB 239 million** in other comprehensive income Investments in Other Equity Instruments | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Wanxin Media | 851,291,200.00 | 914,857,600.00 | | Bank of Chengdu | 1,608,000,000.00 | 1,368,000,000.00 | | Harbin Gongda Intelligent | 375,393.81 | 438,147.26 | | Others | – | 246,833.59 | | **Total** | **2,459,666,593.81** | **2,284,471,141.07** | - Dividend income recognized for the current period was **RMB 83,749,585.40**[61](index=61&type=chunk) - Gains recognized in other comprehensive income for the current period amounted to **RMB 239,216,298.12**[61](index=61&type=chunk) [11. Other Non-current Financial Assets](index=24&type=section&id=11.%20Other%20Non-current%20Financial%20Assets) Other non-current financial assets increased to **RMB 444 million**, with a fair value change gain of **RMB 10.85 million** this period Other Non-current Financial Assets | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | CITIC M&A Investment Fund | 50,245,142.70 | 54,735,996.10 | | Wenxuan Hengxin Equity Investment Fund | 13,930,352.24 | 37,271,655.94 | | Qingdao Jinshi Zhixin Investment Center | 110,359.16 | 110,225.19 | | Ningbo Meishan Bonded Port Area Wenxuan Dingsheng Equity Investment Partnership | 75,410,057.53 | 77,397,665.02 | | Xinhua Internet E-commerce Co., Ltd. | 1,055,422.24 | 1,055,422.24 | | Sichuan Wentou Jinwen Equity Investment Fund | 39,877,936.13 | 39,898,387.42 | | Jinshi Growth Equity Investment | 51,559,200.90 | 31,263,184.99 | | CICC Qichen II Emerging Industry Equity Investment Fund | 147,786,077.33 | 119,730,029.16 | | Sinopec Sales Co., Ltd. | 64,501,647.23 | 61,365,524.00 | | **Total** | **444,476,195.46** | **422,828,090.06** | - Fair value change gains for the current period amounted to **RMB 10,851,916.68**, a significant improvement from the loss in the same period last year[106](index=106&type=chunk) [12. Fixed Assets](index=25&type=section&id=12.%20Fixed%20Assets) Fixed assets book value stood at **RMB 2.32 billion**, with buildings and structures being the largest component Fixed Assets Book Value | Item | June 30, 2025 Book Value (Unaudited) | | :--- | :--- | | Buildings and Structures | 2,133,707,780.77 | | Machinery and Equipment | 112,185,374.46 | | Electronic Equipment and Others | 43,250,901.82 | | Transportation Vehicles | 34,169,645.79 | | **Total** | **2,323,313,702.84** | - As of the end of the current period, fixed assets for which property certificates have not been obtained totaled **RMB 131,083,095.29**, which does not have a significant impact on the group's operations[71](index=71&type=chunk) [13. Goodwill](index=25&type=section&id=13.%20Goodwill) Goodwill amounted to **RMB 623 million**, primarily from acquisitions of publishing companies and Xinhuabookstore in Liangshan Prefecture Goodwill Book Value | Item | June 30, 2025 (Unaudited) | | :--- | :--- | | Acquisition of Fifteen Publishing Companies | 500,571,581.14 | | Acquisition of Liangshan Prefecture Xinhua Bookstore | 122,081,326.10 | | Others | 544,629.46 | | **Total** | **623,197,536.70** | - Goodwill primarily originated from the acquisition of fifteen publishing companies (**RMB 500,571,581.14**) on August 31, 2010, and the acquisition of Liangshan Prefecture Xinhua Bookstore (**RMB 122,081,326.10**) on December 31, 2022[74](index=74&type=chunk) [14. Accounts Payable](index=27&type=section&id=14.%20Accounts%20Payable) Accounts payable slightly increased to **RMB 5.47 billion**, with the majority due within one year Accounts Payable Aging Analysis | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Within 1 year | 4,286,355,711.22 | 4,281,192,649.53 | | 1 to 2 years | 504,870,601.96 | 529,920,928.25 | | 2 to 3 years | 176,544,946.69 | 186,994,251.27 | | Over 3 years | 506,141,574.45 | 454,924,646.54 | | **Total** | **5,473,912,834.32** | **5,453,032,475.59** | - Accounts payable with an aging over one year primarily represent outstanding payments to suppliers for goods[76](index=76&type=chunk) [15. Contract Liabilities](index=28&type=section&id=15.%20Contract%20Liabilities) Contract liabilities decreased slightly to **RMB 584 million**, mainly comprising advances from customers and membership card points Contract Liabilities Summary | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Advances from Customers for Goods | 583,425,020.82 | 603,137,849.05 | | Membership Card Points | 1,026,837.93 | 730,016.64 | | **Total** | **584,451,858.75** | **603,867,865.69** | - Significant contract liabilities with an aging over one year primarily consist of pre-stored top-up cards, amounting to **RMB 338,051,906.01**[78](index=78&type=chunk) - Changes in advances from customers for goods primarily include a decrease of **RMB 165,375,324.58** from revenue recognized at the beginning of the year and an increase of **RMB 145,662,496.35** from cash received[80](index=80&type=chunk) [16. Other Payables](index=29&type=section&id=16.%20Other%20Payables) Other payables significantly increased by **55.94%** to **RMB 481 million**, primarily due to the declared 2024 H-share cash dividend Other Payables Summary | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Dividends Payable | 181,194,211.00 | – | | Other Payables | 299,800,273.41 | 308,454,407.85 | | **Total** | **480,994,484.41** | **308,454,407.85** | - Other payables increased by **55.94%**, mainly due to the company's declared 2024 H-share cash dividend of **RMB 181 million**[83](index=83&type=chunk)[156](index=156&type=chunk) - Other payables with an aging over one year primarily consist of deposits and guarantees[85](index=85&type=chunk) [17. Share Capital](index=30&type=section&id=17.%20Share%20Capital) Share capital remained unchanged at **RMB 1.23 billion** as of June 30, 2025 Share Capital | Item | January 1, 2025 | Change in Current Period | June 30, 2025 (Unaudited) | | :--- | :--- | :--- | :--- | | Total Shares | 1,233,841,000.00 | – | 1,233,841,000.00 | [18. Retained Earnings](index=30&type=section&id=18.%20Retained%20Earnings) Retained earnings increased to **RMB 7.91 billion**, driven by net profit attributable to parent company shareholders, less dividends paid Retained Earnings | Item | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | | :--- | :--- | :--- | | Retained Earnings at Beginning of Period/Year | 7,561,485,821.67 | 6,881,030,888.86 | | Add: Net Profit Attributable to Parent Company Shareholders for Current Period/Year | 856,544,756.92 | 1,544,856,196.33 | | Less: Dividends Payable on Ordinary Shares | 505,874,810.00 | 727,966,190.00 | | **Retained Earnings at End of Period/Year** | **7,911,908,935.00** | **7,561,485,821.67** | - On May 20, 2025, the general meeting of shareholders approved the 2024 profit distribution plan, with a cash dividend of **RMB 0.41 per share** (tax inclusive)[90](index=90&type=chunk) [19. Operating Revenue and Operating Costs](index=31&type=section&id=19.%20Operating%20Revenue%20and%20Operating%20Costs) Operating revenue decreased by **4.50%** to **RMB 5.53 billion**, while operating costs decreased by **5.42%** to **RMB 3.37 billion** Operating Revenue and Operating Costs Summary | Item | Jan 1 - Jun 30, 2025 (Unaudited) | Jan 1 - Jun 30, 2024 (Unaudited) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 5,527,429,426.93 | 5,787,816,275.71 | (4.50) | | Main Business Revenue | 5,439,042,898.58 | 5,708,283,455.50 | (4.72) | | Total Operating Costs | 3,368,865,598.71 | 3,562,042,236.10 | (5.42) | | Main Business Costs | 3,353,937,901.50 | 3,554,773,609.97 | (5.65) | - The **4.72%** decrease in main business revenue was primarily due to a decline in textbook and supplementary materials, education informatization, and education equipment businesses[123](index=123&type=chunk) Main Business Revenue by Segment | Product Segment | Jan 1 - Jun 30, 2025 Operating Revenue | Jan 1 - Jun 30, 2024 Operating Revenue | Change (%) | | :--- | :--- | :--- | :--- | | Publishing Segment Subtotal | 1,279,892,593.54 | 1,211,622,731.49 | 5.63 | | Distribution Segment Subtotal | 4,863,826,902.35 | 5,152,376,843.81 | (5.60) | [20. Investment Income](index=33&type=section&id=20.%20Investment%20Income) Investment income decreased by **16.76%** to **RMB 102 million**, mainly due to lower dividends from Wanxin Media Investment Income Summary | Item | Jan 1 - Jun 30, 2025 (Unaudited) | Jan 1 - Jun 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Investment Income from Long-term Equity Investments Accounted for by Equity Method | 18,119,131.91 | 9,268,834.02 | | Dividend Income from Other Equity Instrument Investments Held During the Period | 83,749,585.40 | 109,759,200.00 | | Investment Income from Disposal of Financial Assets Held for Trading | 307,414.81 | 193,481.05 | | **Total** | **102,176,132.12** | **122,750,749.47** | - Investment income decreased by **16.76%**, primarily because the 2024 cash dividend declared by Wanxin Media was lower than in the same period last year[146](index=146&type=chunk) [21. Segment Reporting](index=34&type=section&id=21.%20Segment%20Reporting) The group operates in publishing and distribution segments, with over **99%** of revenue and assets located in China - The group's operating segments are classified into publishing (books, periodicals, audio-visual products, digital product publishing, printing services, and material supply) and distribution (educational books, education informatization and equipment business, publication retail, distribution, and internet sales)[101](index=101&type=chunk) Main Business Revenue by Segment | Segment | Jan 1 - Jun 30, 2025 Main Business Revenue | Jan 1 - Jun 30, 2024 Main Business Revenue | Change (%) | | :--- | :--- | :--- | :--- | | Publishing Segment | 1,279,892,593.54 | 1,211,622,731.49 | 5.63 | | Distribution Segment | 4,863,826,902.35 | 5,152,376,843.81 | (5.60) | - Over **99%** of the group's revenue is derived from customers in China, and most of its assets are located in China[103](index=103&type=chunk) [22. Fair Value Change Gains (Losses)](index=35&type=section&id=22.%20Fair%20Value%20Change%20Gains%20%28Losses%29) Fair value change gains significantly improved to **RMB 10.86 million** from a loss, influenced by capital market performance of investment funds Fair Value Change Gains (Losses) | Item | Jan 1 - Jun 30, 2025 (Unaudited) | Jan 1 - Jun 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Financial Assets Measured at Fair Value with Changes Recognized in Profit or Loss | 10,859,065.07 | (36,709,633.98) | | Of which: Other Non-current Financial Assets | 10,851,916.68 | (36,711,347.40) | | Financial Assets Held for Trading | 7,148.39 | 1,713.42 | | **Total** | **10,859,065.07** | **(36,709,633.98)** | - Fair value change gains increased by **129.58%**, mainly because projects held by investment funds such as Wenxuan Hengxin and CITIC M&A were affected by capital market conditions[141](index=141&type=chunk)[143](index=143&type=chunk) [23. Credit Impairment Gains (Losses)](index=35&type=section&id=23.%20Credit%20Impairment%20Gains%20%28Losses%29) Credit impairment losses reversed to a gain of **RMB 48.70 million**, a **205.78%** improvement, due to enhanced historical debt collection efforts Credit Impairment Gains (Losses) | Item | Jan 1 - Jun 30, 2025 (Unaudited) | Jan 1 - Jun 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Accounts Receivable Credit Impairment Loss | 43,317,157.15 | (24,460,963.40) | | Other Receivables Bad Debt Loss | 4,299,655.35 | 4,031,274.36 | | Long-term Receivables Bad Debt Loss | 1,078,325.89 | (25,606,119.53) | | **Total** | **48,695,138.39** | **(46,035,808.57)** | - Credit impairment gains increased by **205.78%**, primarily due to strengthened efforts in recovering historical overdue accounts during the current period[141](index=141&type=chunk)[144](index=144&type=chunk) [24. Income Tax Expense](index=36&type=section&id=24.%20Income%20Tax%20Expense) Income tax expense significantly decreased by **92.25%** to **RMB 7.44 million**, primarily due to changes in tax incentives for cultural enterprises Income Tax Expense | Item | Jan 1 - Jun 30, 2025 (Unaudited) | Jan 1 - Jun 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Current Income Tax Calculated According to Tax Laws and Regulations | 4,743,460.25 | 121,636,058.97 | | Deferred Income Tax Expense | 2,686,813.50 | (26,669,600.76) | | **Total** | **7,438,067.33** | **95,920,622.56** | - Income tax expense decreased by **92.25%**, mainly due to changes in income tax preferential policies for converted cultural enterprises[141](index=141&type=chunk)[149](index=149&type=chunk) [25. Other Comprehensive Income](index=37&type=section&id=25.%20Other%20Comprehensive%20Income) Other comprehensive income, net of tax, decreased by **33.68%** to **RMB 176 million**, influenced by market value fluctuations of listed equity investments Other Comprehensive Income | Item | Jan 1 - Jun 30, 2025 (Unaudited) | Jan 1 - Jun 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Fair Value Changes of Other Equity Instrument Investments | 175,645,823.59 | 264,840,893.92 | | **Total** | **175,645,823.59** | **264,840,893.92** | - Other comprehensive income, net of tax, decreased by **33.68%**, primarily due to fluctuations in the market value of the company's holdings in listed company shares such as Wanxin Media and Bank of Chengdu[141](index=141&type=chunk)[150](index=150&type=chunk) [26. Basic Earnings Per Share](index=37&type=section&id=26.%20Basic%20Earnings%20Per%20Share) Basic earnings per share increased by **18.97%** to **RMB 0.69**, based on net profit attributable to ordinary shareholders Basic Earnings Per Share | Item | Jan 1 - Jun 30, 2025 (Unaudited) | Jan 1 - Jun 30, 2024 (Unaudited) | | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders for the Current Period | 856,544,756.92 | 715,785,632.02 | | Weighted Average Number of Ordinary Shares Outstanding at Period End | 1,233,841,000.00 | 1,233,841,000.00 | | **Basic Earnings Per Share (yuan/share)** | **0.69** | **0.58** | - The company has no dilutive potential ordinary shares[117](index=117&type=chunk) [Management Discussion and Analysis](index=39&type=section&id=Management%20Discussion%20and%20Analysis) Provides management's perspective on the group's operational performance, financial results, and future outlook [(I) Business Review](index=39&type=section&id=%28I%29%20Business%20Review) Reviews the industry landscape and the group's overall performance, highlighting revenue decline but net profit growth [Industry Overview](index=39&type=section&id=Industry%20Overview) The cultural industry benefits from supportive policies, while the book retail market undergoes structural adjustments, with AI emerging as a key trend - Central and local governments continue to release policy benefits, promoting high-quality development of the cultural industry, including increased financial investment, promotion of national reading, regulation of market order, and boosting cultural consumption[119](index=119&type=chunk) - In the first half of 2025, the overall book retail market saw a year-on-year increase of **0.73%** in total sales value (碼洋) but a **0.31%** decrease in actual sales value (實洋), showing a trend of starting strong and then declining[120](index=120&type=chunk) - "AI + Publishing" is set to become a significant trend in the integrated development of publishing, as the industry is at a critical juncture for transformation and upgrading[121](index=121&type=chunk) [Overall Performance](index=40&type=section&id=Overall%20Performance) Operating revenue decreased by **4.50%** to **RMB 5.53 billion**, but net profit increased, and gross margin improved due to sales structure changes Overall Performance Metrics | Indicator | Jan 1 - Jun 30, 2025 | Jan 1 - Jun 30, 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | RMB 5.53 billion | RMB 5.79 billion | (4.50) | | Main Business Revenue | RMB 5.44 billion | RMB 5.71 billion | (4.72) | | Operating Costs | RMB 3.37 billion | RMB 3.56 billion | (5.42) | | Main Business Costs | RMB 3.35 billion | RMB 3.55 billion | (5.65) | | Comprehensive Gross Margin | 39.05% | 38.46% | +0.59 percentage points | | Main Business Gross Margin | 38.34% | 37.73% | +0.61 percentage points | - The decrease in main business revenue was primarily due to a decline in textbook and supplementary materials, education informatization, and education equipment businesses[123](index=123&type=chunk) [Overview of Operating Segments](index=41&type=section&id=Overview%20of%20Operating%20Segments) The group focuses on publishing and media, with publishing segment revenue growing and distribution segment revenue declining due to market and policy impacts - The group focuses on its core publishing and media business, strengthening industrial chain collaboration, managing demand and supply, and deepening operational reforms to enhance the supply of high-quality cultural products and services, leading to a **RMB 68 million** increase in publishing segment main business revenue year-on-year[126](index=126&type=chunk)[127](index=127&type=chunk) - The distribution segment's main business revenue decreased by **RMB 289 million** year-on-year, with textbook and supplementary materials decreasing by **RMB 346 million** and general books increasing by **RMB 157 million**[127](index=127&type=chunk) - The company effectively mitigated the decline in distribution segment revenue by promoting store renovations, integrating online and offline channels, leveraging internet book e-commerce advantages, and optimizing the product structure of cultural and educational books[127](index=127&type=chunk) [Operating Information by Segment](index=42&type=section&id=Operating%20Information%20by%20Segment) Details revenue and margin changes for publishing and distribution segments, including performance of online and offline sales channels Main Business Revenue and Gross Margin by Product Segment | Product Segment | Operating Revenue Change (%) | Gross Margin Change (percentage points) | | :--- | :--- | :--- | | **Publishing Segment** | **5.63** | **0.66** | | Textbooks and Supplementary Materials | 13.53 | 2.50 | | General Books | (7.20) | (2.25) | | **Distribution Segment** | **(5.60)** | **0.12** | | Textbooks and Supplementary Materials | (15.30) | (0.80) | | General Books | 5.91 | 1.65 | | Education Informatization and Others | (40.88) | (3.48) | | **Total** | **(4.72)** | **0.61** | Operating Revenue, Costs, and Gross Margin by Sales Model | Sales Model | Operating Revenue Change (%) | Operating Costs Change (%) | Gross Margin Change (percentage points) | | :--- | :--- | :--- | :--- | | Offline Sales | (8.97) | (10.84) | 1.20 | | Online Sales | (0.03) | (0.54) | 0.34 | | **Total** | **(4.72)** | **(5.65)** | **0.61** | [Publishing Business](index=43&type=section&id=Publishing%20Business) The publishing segment focuses on educational materials, general books, and international rights, leveraging technology and cultural initiatives - For textbooks and supplementary materials, the company continues to develop online content for Sichuan Education Edition primary English textbooks on the "Chuanxuebao" APP, enrich the "Chuanjiao Learning" exclusive channel on Himalaya platform, and collaborate with Tencent Education to create the "AI Accompanying My Learning" series of integrated teaching aids[131](index=131&type=chunk) - In general books, the group's overall market share by actual sales value ranks **9th** among national publishing and media groups and **6th** among local groups, with **5 titles** entering the national bestseller TOP100 list[132](index=132&type=chunk) - The group actively promotes "going global" for publishing, deepening cultural exchange and cooperation, with **299 copyrights exported** in the first half of 2025, and several units selected as "2025-2026 National Key Cultural Export Enterprises" and "National Key Cultural Export Projects"[134](index=134&type=chunk) [Distribution Business](index=44&type=section&id=Distribution%20Business) The distribution segment innovates marketing, enhances educational services, and expands online and offline channels to adapt to market changes - The group continuously innovates marketing models, implements precise operating strategies focusing on both channels and products, accelerates the transformation from product sales to user and service operations, and enhances educational service capabilities[137](index=137&type=chunk) - In general books, the company continues to promote the integrated development of reading services and enhance its omni-channel online and offline operational capabilities, including strengthening the distribution of key thematic political readings, promoting store upgrades, optimizing product structure, building an online channel matrix, and expanding instant retail businesses[138](index=138&type=chunk) - For education informatization and equipment business, the "Wenxuan Youxue" online service platform covers over **6,000 schools** and serves over **4.95 million students**; labor and practice education services reached over **300,000 primary and secondary school students**; and **176 teacher training projects** were organized and implemented, serving **40,800 teachers**[139](index=139&type=chunk) - In the first half of 2025, the overall book retail market saw a year-on-year increase of **0.73%** in total sales value (碼洋) but a **0.31%** decrease in actual sales value (實洋), showing a trend of starting strong and then declining[120](index=120&type=chunk) - During this period, the group achieved operating revenue of **RMB 5.53 billion**, a year-on-year decrease of **4.50%**; net profit reached **RMB 900 million**, a year-on-year increase of **19.63%**[122](index=122&type=chunk) - The publishing segment's main business revenue increased by **RMB 68 million** year-on-year; the distribution business, affected by market structural adjustments, education policies, and demographic changes, saw its main business revenue decrease by **RMB 289 million** year-on-year[127](index=127&type=chunk) [(II) Analysis of Operating Results and Financial Performance](index=46&type=section&id=%28II%29%20Analysis%20of%20Operating%20Results%20and%20Financial%20Performance) Analyzes key financial metrics including expenses, other gains/losses, net profit, cash flows, and balance sheet items Key Financial Performance Indicators | Item | Current Period (RMB) | Same Period Last Year (RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 5,527,429,426.93 | 5,787,816,275.71 | (4.50) | | Net Profit | 900,034,927.15 | 752,348,588.73 | 19.63 | | Selling Expenses | 698,894,015.13 | 715,635,380.70 | (2.34) | | R&D Expenses | 14,110,458.81 | 9,364,568.90 | 50.68 | | Fair Value Change Gains (Losses) | 10,859,065.07 | (36,709,633.98) | 129.58 | | Credit Impairment Gains (Losses) | 48,695,138.39 | (46,035,808.57) | 205.78 | | Asset Impairment Gains (Losses) | (41,270,639.32) | (21,027,688.19) | (96.27) | | Net Cash Flow from Operating Activities | 620,729,893.04 | 379,837,357.10 | 63.42 | - The asset-liability ratio was **33.89%**, a decrease of **0.57 percentage points** from **34.46%** on December 31, 2024, indicating a generally stable financial structure[157](index=157&type=chunk) - The current ratio was **1.8**, an increase of **0.1** from the same period last year, indicating stable operating conditions[161](index=161&type=chunk) [Expense Analysis](index=47&type=section&id=Expense%20Analysis) Sales expenses decreased, financial expenses increased due to lower interest income, and R&D expenses grew significantly for system and technology investments - Selling expenses decreased by **2.34%**, mainly due to a reduction in promotional expenses, logistics costs, and e-commerce platform service fees[142](index=142&type=chunk) - Financial expenses increased by **RMB 15.92 million**, primarily due to a year-on-year decrease in bank deposit interest income[142](index=142&type=chunk) - R&D expenses increased by **50.68%**, mainly due to increased investment in business management systems and technology innovation applications integrated with business during this period[142](index=142&type=chunk) [Analysis of Other Gains/Losses](index=47&type=section&id=Analysis%20of%20Other%20Gains%2FLosses) Fair value changes turned to gains, credit impairment improved, asset impairment increased, and income tax expense significantly decreased - Fair value change gains increased by **RMB 47.57 million**, mainly because projects held by investment funds such as Wenxuan Hengxin and CITIC M&A were affected by capital market conditions[143](index=143&type=chunk) - Credit impairment losses reversed to a gain of **RMB 48.70 million**, primarily due to strengthened efforts in recovering historical overdue accounts during the current period[144](index=144&type=chunk) - Asset impairment losses increased by **96.27%** to **RMB 41.27 million**, mainly due to changes in the aging structure of inventories[145](index=145&type=chunk) - Income tax expense decreased by **92.25%**, mainly due to changes in income tax preferential policies for converted cultural enterprises[149](index=149&type=chunk) - Other comprehensive income, net of tax, decreased by **33.68%**, primarily due to fluctuations in the market value of the company's holdings in listed company shares such as Wanxin Media and Bank of Chengdu[150](index=150&type=chunk) [Net Profit and Earnings Per Share](index=49&type=section&id=Net%20Profit%20and%20Earnings%20Per%20Share) Net profit increased by **19.63%** to **RMB 900 million**, and basic earnings per share grew by **18.97%** to **RMB 0.69** - The group achieved a net profit of **RMB 900 million**, a year-on-year increase of **19.63%**; net profit attributable to shareholders of the listed company was **RMB 857 million**, a year-on-year increase of **19.66%**[151](index=151&type=chunk) - After deducting non-recurring gains and losses, net profit attributable to shareholders of the listed company was **RMB 847 million**, a year-on-year increase of **13.81%**, primarily due to changes in income tax preferential policies for converted cultural enterprises[151](index=151&type=chunk) - The group's earnings per share for this period was **RMB 0.69**, an increase of **18.97%** from **RMB 0.58** in the same period last year[152](index=152&type=chunk) [Cash Flow Analysis](index=49&type=section&id=Cash%20Flow%20Analysis) Operating cash flow significantly increased due to tax refunds, while investment cash outflow was stable and financing cash outflow decreased - Net cash flow from operating activities was a net inflow of **RMB 621 million**, a year-on-year increase of **63.42%**, mainly due to receiving **RMB 130 million** in corporate income tax refunds for 2024 and a year-on-year decrease in corporate income tax, VAT, and other taxes paid[153](index=153&type=chunk) - Net cash flow from investing activities was a net outflow of **RMB 753 million**, largely unchanged from the same period last year, primarily due to the allocation of time deposits[153](index=153&type=chunk) - Net cash flow from financing activities was a net outflow of **RMB 378 million**, a year-on-year decrease of **34.80%**, mainly due to the distribution of 2024 A-share dividends of **RMB 325 million** during this period[153](index=153&type=chunk) [Balance Sheet Analysis](index=50&type=section&id=Balance%20Sheet%20Analysis) Key balance sheet items experienced notable changes due to business settlements, contract renewals, R&D, and dividend distributions Balance Sheet Item Changes | Item Name | Current Period End (RMB) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 38,588.12 | (35.82) | Primarily the company's stock investments | | Notes Receivable | – | (100.00) | Decrease in outstanding payments for logistics business settled by commercial acceptance bills | | Prepayments | 92,211,362.91 | 42.27 | Increase in prepayments for operating costs and royalties | | Contract Assets | 11,176,898.51 | 100.14 | Primarily changes in quality assurance deposits | | Long-term Receivables | 25,181,655.22 | (35.75) | Payments for education informatization and equipment business reclassified to "non-current assets due within one year" | | Right-of-use Assets | 366,181,153.81 | 56.11 | Renewal of a three-year lease contract with Sichuan Xinhua Publishing and Distribution Group | | Development Expenditures | 6,575,706.77 | 75.57 | Increase in software R&D projects not yet completed | | Notes Payable | 73,800.00 | (98.36) | Decrease in outstanding payments for education informatization and equipment business, logistics business, etc., settled by bills | | Taxes Payable | 24,939,247.31 | (40.66) | Decrease in unpaid VAT, corporate income tax, and individual income tax | | Other Payables | 480,994,484.41 | 55.94 | Increase due to declared 2024 H-share cash dividend | | Lease Liabilities | 304,897,700.10 | 69.45 | Increase in future lease payments due to renewal of a three-year lease contract with Sichuan Xinhua Publishing and Distribution Group | [Liquidity and Financial Resources](index=52&type=section&id=Liquidity%20and%20Financial%20Resources) The group maintains strong liquidity with **RMB 9.22 billion** in cash, a stable asset-liability ratio of **33.89%**, and no significant contingent liabilities - As of June 30, 2025, the group had cash and bank balances of approximately **RMB 9.22 billion** and short-term borrowings of **RMB 10 million**[157](index=157&type=chunk) - The asset-liability ratio was **33.89%**, a decrease of **0.57 percentage points** from **34.46%** on December 31, 2024, indicating a generally stable financial structure[157](index=157&type=chunk) - The group has no significant contingent liabilities and extremely low foreign exchange risk, with no foreign exchange hedging arrangements in place[158](index=158&type=chunk)[160](index=160&type=chunk) Working Capital Management Indicators | Indicator | June 30, 2025 | June 30, 2024 | Change | | :--- | :--- | :--- | :--- | | Current Ratio | 1.8 | 1.7 | +0.1 | | Inventory Turnover Days | 130.7 | 127.9 | +2.8 | | Accounts Receivable and Notes Turnover Days | 55.4 | 53.2 | +2.2 | | Accounts Payable and Notes Turnover Days | 296.1 | 280.9 | +15.2 | [(III) Overview of Significant Investments, Acquisitions, and Disposals](index=53&type=section&id=%28III%29%20Overview%20of%20Significant%20Investments%2C%20Acquisitions%2C%20and%20Disposals) The group made strategic financial investments in Chengdu Bank and Wanxin Media, yielding substantial dividends and capital appreciation - The company holds **80 million shares** of Bank of Chengdu, representing a **1.89%** stake, with an investment cost of **RMB 240 million**. This period, **RMB 71.28 million** in dividend income and **RMB 239 million** in fair value gains were recognized[162](index=162&type=chunk) - The company holds **124.64 million shares** of Wanxin Media, representing a **6.37%** stake, with an investment cost of **RMB 186 million**. This period, **RMB 12.46 million** in dividend income was recognized, along with a fair value loss of **RMB 64 million**[163](index=163&type=chunk) - Investments in Wanxin Media and Bank of Chengdu are financial investments for the company, bringing considerable dividend income and high capital appreciation to the group[163](index=163&type=chunk) [(IV) Future Outlook](index=54&type=section&id=%28IV%29%20Future%20Outlook) The group plans to enhance content creation, improve educational services, refine reading service systems, strengthen supply chain capabilities, and optimize capital operations - Further enhance content creation: Focus on high-quality publishing, strengthen original content cultivation, leverage AI for integrated publishing innovation, and strengthen international communication[167](index=167&type=chunk) - Further improve the quality and effectiveness of education services: Research and promote educational books that meet market demand, explore and develop new scenarios for educational equipment use across all academic stages, actively expand labor and practice education businesses, develop specialized teacher training courses, and promote the optimization and upgrading of online service platforms[167](index=167&type=chunk) - Further improve the reading service system: Fully implement the promotion and distribution of key thematic political readings, promote cultural tourism integration, actively expand library and university reading services, strengthen commodity operations, enhance the communication effectiveness of content e-commerce channels, deepen the integration of new technologies with business, and continuously build a national reading activity system[168](index=168&type=chunk) - Further strengthen supply chain service capabilities: Focus on digital transformation and upgrading of logistics, accelerate investment in and renewal of intelligent logistics equipment, plan and construct logistics operation management platforms, and explore the deep application of big data in demand forecasting, inventory analysis, and operational decision-making scenarios[168](index=168&type=chunk) - Further enhance capital operation efficiency: Link cultural technology, artificial intelligence, and other strategic emerging industries through capital means, rationally allocate investment portfolios to diversify investment risks, and continuously build an investment landscape that combines short-term returns and long-term value[169](index=169&type=chunk) [(V) Potential Risks](index=56&type=section&id=%28V%29%20Potential%20Risks) The group faces technological, market, and policy risks, requiring continuous innovation, diversified product offerings, and adaptive strategies - Technological risks: The deepening trend of digitalization and accelerated iteration of technologies in integrated publishing, smart education, and AIGC pose challenges to the group's content and technology integration transformation[170](index=170&type=chunk) - Market risks: The rapid development of emerging channels and increasing consumer demand for diversified knowledge services and immersive interactive experiences place higher demands on the publishing industry's content production and channel expansion capabilities[171](index=171&type=chunk) - Policy risks: Adjustments in industry and education policies will impact the industry's operating environment and market competition landscape, requiring the company to timely adjust its product structure and expand service areas[172](index=172&type=chunk) [Other Information](index=57&type=section&id=Other%20Information) Provides additional disclosures on corporate governance, interim dividends, shareholder meetings, post-reporting events, and audit committee review [Corporate Governance](index=57&type=section&id=Corporate%20Governance) The company complies with corporate governance codes, though board and supervisory board re-elections are pending - The company has adopted and complied with all applicable principles and code provisions of Appendix C1 "Corporate Governance Code" of the Listing Rules during this period, although the re-election of the board of directors and supervisory board has not yet been completed, and their terms of office have been extended accordingly[174](index=174&type=chunk) - All directors and supervisors confirm that they have complied with the required terms of the "Model Code for Securities Transactions by Directors of Listed Issuers" during this period[175](index=175&type=chunk) [Interim Dividend](index=57&type=section&id=Interim%20Dividend) The board proposes an interim dividend of **RMB 0.19 per share**, subject to EGM approval, with tax implications for non-resident shareholders - The board of directors proposes to declare an interim dividend of **RMB 0.19 per share** (tax inclusive) for the period ended June 30, 2025, totaling approximately **RMB 234,429,790.00** (tax inclusive), subject to approval at the extraordinary general meeting[176](index=176&type=chunk) - The company will withhold and pay **10%** corporate income tax on behalf of non-resident enterprise shareholders[176](index=176&type=chunk) - The company will withhold and pay individual income tax on dividends for non-resident individual shareholders at a tax rate of **10%**; if tax laws and relevant tax agreements stipulate otherwise, the relevant provisions shall apply[177](index=177&type=chunk) [General Meeting and Share Transfer Registration](index=58&type=section&id=General%20Meeting%20and%20Share%20Transfer%20Registration) An EGM is scheduled for October 23, 2025, with H-share transfer registration suspended to determine eligibility for attendance and interim dividends - The company's extraordinary general meeting will be held on **Thursday, October 23, 2025**[179](index=179&type=chunk) H-share Transfer Registration Suspension Dates | Item | Date | | :--- | :--- | | Suspension period for determining H-share shareholders eligible to attend the EGM | From Tuesday, September 23, 2025, to Thursday, October 23, 2025 | | Suspension period for determining H-share shareholders eligible for the proposed 2025 interim dividend | From Thursday, October 30, 2025, to Tuesday, November 4, 2025 | [Events After Reporting Period](index=59&type=section&id=Events%20After%20Reporting%20Period) The board approved an interim dividend of **RMB 0.19 per share** on August 27, 2025, pending EGM approval, with no other significant post-period events - The company's board of directors approved the 2025 interim profit distribution plan at its meeting on August 27, 2025, proposing to distribute dividends of **RMB 234,429,790.00** (tax inclusive) at **RMB 0.19 per share** (tax inclusive) from the 2025 interim undistributed profits[118](index=118&type=chunk)[183](index=183&type=chunk) - This proposal is subject to approval at the extraordinary general meeting before it can be implemented[118](index=118&type=chunk)[183](index=183&type=chunk) [Audit Committee](index=59&type=section&id=Audit%20Committee) The Audit Committee reviewed the unaudited consolidated financial statements for the six months ended June 30, 2025, confirming compliance and proper disclosure - The Audit Committee has reviewed the group's unaudited consolidated financial statements for the six months ended June 30, 2025, as contained in this interim results announcement[184](index=184&type=chunk) - The Audit Committee confirms that the preparation of the group's interim financial report complies with applicable accounting standards and regulations and that appropriate disclosures have been made[184](index=184&type=chunk) [Publication of Information](index=60&type=section&id=Publication%20of%20Information) The interim results announcement is published on HKEX and company websites, with the full interim report to be dispatched to shareholders by September 30, 2025 - This interim results announcement is published on the HKEX website (www.hkexnews.hk) and the company's website (www.winshare.com.cn)[185](index=185&type=chunk) - The company's 2025 interim report will be dispatched to the company's shareholders on or before September 30, 2025, and will also be published on the HKEX and the company's websites[185](index=185&type=chunk)

Group 1 - The company reported a revenue of 5.527 billion yuan for the first half of the year, representing a year-on-year decrease of 4.50% [1] - The net profit attributable to shareholders of the listed company was 857 million yuan, showing a year-on-year increase of 19.66% [1] - The basic earnings per share were 0.69 yuan, and the company proposed a cash dividend of 0.19 yuan per share (including tax) [1]

新华文轩出版传媒股份有限公司2025 年半年度报告 公司代码：601811 公司简称：新华文轩 新华文轩出版传媒股份有限公司 2025 年半年度报告 1 / 175 新华文轩出版传媒股份有限公司2025 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确 性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人周青、主管会计工作负责人徐永平及会计机构负责人（会计主管人员）贺小茂 声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 2025年半年度利润分配预案：拟以总股本123,384.10万股为基数，向股东每股派发现金股利0.19 元（含税），共计支付现金股利23,442.98万元（含税）。 上述利润分配方案需经本公司2025年第一次临时股东大会审议通过后方可实施。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成本公司对投资者的实质承 ...

证券代码：601811 证券简称：新华文轩 公告编号：2025-019 新华文轩出版传媒股份有限公司 关于 2025 年半年度募集资金存放与实际使用情况的专项报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 新华文轩出版传媒股份有限公司（以下简称"新华文轩""公司"或 "本公司"）董事会依据中国证券监督管理委员会《上市公司募集资金监 管规则》及《上海证券交易所上市公司自律监管指引第 1 号——规范运作》 的规定，编制了截至 2025 年 6 月 30 日公开发行 A 股募集资金存放与实际 使用情况的专项报告。本报告已经公司第五届董事会 2025 年第五次会议及 第五届监事会 2025 年第三次会议审议通过。现将截至 2025 年 6 月 30 日募 集资金存放与实际使用情况专项说明如下： 一、 募集资金基本情况 经中国证券监督管理委员会《关于核准新华文轩出版传媒股份有限公 司首次公开发行股票的批复》（证监许可[2016]1544号）核准，本公司于 2016年7月27日以每股人民币7.12元的发行价格公开发行98,710, ...

新华文轩公告，2025年上半年营业收入55.27亿元，同比下降4.50%。净利润8.57亿元，同比增长 19.66%。拟以总股本12.34亿股为基数，向股东每股派发现金股利0.19元（含税），共计支付现金股利 2.34亿元（含税）。 ...